Wallenius Wilhelmsen pleased with sliding profit in flat market

Declining rates in a flat shipping market dragged down Wallenius Wilhelmsen's maritime business in the fourth quarter, though the CEO still describes it as "satisfactory." Profit for the full year took a big dive.

Photo: Wallenius Wilhelmsen PR

Wallenius Wilhelmsen's maritime business reports an operating profit, EBITDA, of USD 152 million for the fourth quarter 2018, corresponding to a 5 percent decrease compared to the previous year's adjusted operating result, shows the Norwegian shipping group's fourth quarter interim report.

The results were negatively impacted by a "planned reduction in contracted HMG volumes, rate reductions (about USD 7 million), biosecurity challenges (USD 3 million), and weaker project cargo shipments in the Atlantic," writes Wallenius Wilhelmsen.

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